{"id":1779292568,"date":"2026-06-30T09:09:15","date_gmt":"2026-06-30T09:09:15","guid":{"rendered":"https:\/\/altersvorsorgedepot-anbieter-vergleich.de\/uncategorized-en-us\/deferred-taxation-in-the-altersvorsorgedepot\/"},"modified":"2026-09-24T10:54:02","modified_gmt":"2026-09-24T10:54:02","slug":"deferred-taxation-in-the-altersvorsorgedepot","status":"publish","type":"post","link":"https:\/\/altersvorsorgedepot-anbieter-vergleich.de\/en\/what-is\/deferred-taxation-in-the-altersvorsorgedepot\/","title":{"rendered":"Deferred taxation in the Altersvorsorgedepot"},"content":{"rendered":"<p class=\"avd-lead\"> The Altersvorsorgedepot follows the principle of deferred taxation: <strong>contributions receive tax relief today<\/strong>, while payouts in retirement are taxed <strong>at your personal income tax rate<\/strong> . Ideally you save tax today at a high rate and pay tax later at a low one. <\/p>\n<aside class=\"avd-callout tldr\">\n<p><strong>The key points at a glance:<\/strong><\/p>\n<ul>\n<li>Tax advantage today, taxation later<\/li>\n<li>Personal tax rate in retirement is usually lower<\/li>\n<li>Payouts are treated like pension income<\/li>\n<li>Partial lump-sum withdrawal of up to 30% possible at the start of retirement<\/li>\n<li>Health and long-term care insurance contributions depend on your insurance status, not on a flat rule<\/li>\n<\/ul>\n<\/aside>\n<div class=\"avd-toc\">\n<p class=\"avd-toc__title\">Table of contents<\/p>\n<ol>\n<li><a href=\"\/#was-ist\">What does deferred taxation mean?<\/a><\/li>\n<li><a href=\"\/#wie-funktioniert\">How does it work in practice?<\/a><\/li>\n<li><a href=\"\/#beispiel\">Worked example<\/a><\/li>\n<li><a href=\"\/#warum\">Why does this principle exist?<\/a><\/li>\n<li><a href=\"\/#fallstricke\">Pitfalls and special cases<\/a><\/li>\n<li><a href=\"\/#faq\">Frequently asked questions<\/a><\/li>\n<\/ol>\n<\/div>\n<section id=\"was-ist\">\n<h2>What does deferred taxation mean?<\/h2>\n<p> The opposite of <em>up-front<\/em> taxation: tax is levied not when you pay in, but only when money is paid out. This principle already applies to the statutory pension, the R\u00fcrup pension and occupational pension schemes. With the Altersvorsorgedepot it now also enters private securities-based retirement provision. <\/p>\n<\/section>\n<section id=\"wie-funktioniert\">\n<h2>How does it work in practice in the Altersvorsorgedepot?<\/h2>\n<table class=\"avd-table\">\n<thead>\n<tr>\n<th>Phase<\/th>\n<th>What happens for tax purposes?<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Accumulation phase<\/td>\n<td>Contributions of up to \u20ac1,800 are deductible; no ongoing taxation of price gains.<\/td>\n<\/tr>\n<tr>\n<td>Transition phase<\/td>\n<td>A one-off withdrawal of up to 30% is possible (taxable).<\/td>\n<\/tr>\n<tr>\n<td>Decumulation phase<\/td>\n<td>Monthly pensions are taxed at your personal income tax rate.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/section>\n<div class=\"avd-callout zwischenfazit\">\n<p><strong>When do I have to pay tax on the AVD?<\/strong><br \/>Tax-free during the accumulation phase, taxed in retirement. That pays off because the tax rate in retirement is usually lower.<\/p>\n<\/div>\n<section id=\"beispiel\">\n<h2>Sample calculation: the tax leverage<\/h2>\n<div class=\"avd-callout\">\n<p><strong>Phase 1, accumulation (tax rate 42%)<\/strong>: you pay \u20ac1,800 into the securities account. The assessment base is \u20ac2,340, that is \u20ac1,800 plus the allowance entitlement. Through the special expenses deduction you get around \u20ac983 of that back in tax savings.<\/p>\n<p><strong>Phase 2, payout (tax rate 22%)<\/strong>: you pay tax on the same amount later at 22% instead of 42%. Pure tax saving per contribution year: <strong>around \u20ac468<\/strong> (a difference of 20 percentage points on \u20ac2,340).<\/p>\n<\/div>\n<\/section>\n<figure class=\"avd-figure\">\n<p class=\"avd-figure__title\">Tax leverage: save today, pay tax later<\/p>\n<p><img decoding=\"async\" alt=\"Steuer-Hebel: Heute sparen, sp\u00e4ter versteuern\" src=\"https:\/\/altersvorsorgedepot-anbieter-vergleich.de\/wp-content\/uploads\/2026\/05\/nachgelagerte-besteuerung-01.png\"\/><figcaption>If you have a 42% marginal tax rate today and pay 22% in retirement, you gain around \u20ac360 net per contribution year.<\/figcaption><\/figure>\n<section id=\"warum\">\n<h2>Why does this principle exist?<\/h2>\n<p> First, because pension income in old age is typically lower than earned income, so a more favourable tax rate applies. Second, because deferring tax over decades provides an <strong>interest-like advantage<\/strong> : the capital that would otherwise be taxed immediately keeps working and earns an additional return. <\/p>\n<\/section>\n<section id=\"fallstricke\">\n<h2>Pitfalls and special cases<\/h2>\n<ul>\n<li>In the case of a <strong>non-qualifying withdrawal<\/strong> before the age of 65, allowances and tax advantages have to be repaid.<\/li>\n<li>Anyone who moves abroad (outside the EU\/EEA) may also be required to repay them.<\/li>\n<li>The one-off withdrawal of up to 30% is taxed in full in the year of payout.<\/li>\n<\/ul>\n<\/section>\n<section id=\"personas\">\n<h2>Three everyday tax examples<\/h2>\n<div class=\"avd-persona\">\n<p><strong>Top earner Klaus, 50, \u20ac110,000 gross, 42% marginal tax.<\/strong> Contribution \u20ac1,800 a year, assessment base \u20ac2,340. Immediate tax saving around \u20ac983. In retirement, at an expected tax rate of 22%, he pays tax on the later pension, giving tax leverage of around <strong>\u20ac468 per contribution year<\/strong>.<\/p>\n<\/div>\n<div class=\"avd-persona\">\n<p><strong>Mid earner Petra, 35, \u20ac45,000 gross, 30% marginal tax.<\/strong> Contribution \u20ac1,800 a year. Tax saving \u20ac540 = exactly as much as the basic allowance. The more-favourable-treatment check selects the allowance. In retirement her tax rate is expected to be 18%, giving tax leverage of about \u20ac216 per contribution year.<\/p>\n<\/div>\n<div class=\"avd-persona\">\n<p><strong>Low earner Aysel, 27, \u20ac22,000 gross, 14% marginal tax.<\/strong> Contribution \u20ac600 a year. Tax saving \u20ac84. Basic allowance \u20ac240, clearly better. In retirement she is not expected to have taxable income, so the later pension will be <em>almost tax-free<\/em> when it is paid out.<\/p>\n<\/div>\n<\/section>\n<section id=\"krankenversicherung\">\n<h2>Health insurance in the pension phase<\/h2>\n<p> Members with compulsory cover under the statutory health insurance scheme for pensioners are expected to pay <strong>none<\/strong> contributions on payouts from the Altersvorsorgedepot. People voluntarily insured under the statutory scheme do pay, because there all income is used to assess contributions. Privately insured people are not affected, as their premiums do not depend on income. If you are voluntarily insured under the statutory scheme, you should factor this into your overall return. <\/p>\n<\/section>\n<section id=\"vorteil-zinseszins\">\n<h2>Tax deferral as a hidden compounding booster<\/h2>\n<p> The often overlooked effect of deferred taxation: during the accumulation phase the tax money stays <em>in the securities account<\/em> and earns a return of its own. Over 30 years this can raise the final balance by <strong>an additional 10\u201315%<\/strong> compared with up-front taxation during your working life. <\/p>\n<\/section>\n<section class=\"avd-faq\" id=\"faq\">\n<h2>Frequently asked questions about deferred taxation<\/h2>\n<details>\n<summary>Are price gains in the securities account taxed?<\/summary>\n<p>No, only on payout. Vorabpauschale (advance lump-sum taxation) and flat-rate withholding tax on investment income do not apply during the accumulation phase.<\/p>\n<\/details>\n<details>\n<summary>Is the payout really cheaper later on?<\/summary>\n<p>In most cases yes, because income in retirement is lower. Very high pensions or lump-sum payouts can weaken the effect, though.<\/p>\n<\/details>\n<details>\n<summary>What about the health insurance scheme for pensioners?<\/summary>\n<p>That depends on your insurance status. Compulsory members of the KVdR are expected to pay nothing. People voluntarily insured under the statutory scheme do pay, because there all income counts. Privately insured people are not affected, as private health insurance premiums are independent of income.<\/p>\n<\/details>\n<details>\n<summary>Does the basic tax-free allowance apply to the later taxation?<\/summary>\n<p>Yes. Up to the level of the basic tax-free allowance (2026: \u20ac12,084 per person, adjusted in later years) the payout stays tax-free.<\/p>\n<\/details>\n<details>\n<summary>What happens with a one-off withdrawal (30%)?<\/summary>\n<p>It is fully taxable in the year of payout. The one-fifth rule does not apply, so plan carefully.<\/p>\n<\/details>\n<details>\n<summary>How does inflation affect this?<\/summary>\n<p>Pensions are taxed in nominal terms, and inflation erodes purchasing power. The real tax leverage is therefore smaller than the nominal one.<\/p>\n<\/details>\n<details>\n<summary>What happens if I emigrate?<\/summary>\n<p>Within the EU\/EEA the subsidy is retained. If you move to a third country, the subsidy can be reversed.<\/p>\n<\/details>\n<\/section>\n<div class=\"avd-callout zwischenfazit\">\n<p><strong>Is a partial payout at the start of retirement worth it?<\/strong><br \/>A partial payout of up to 30% at the start of retirement can make sense, but it is taxable.<\/p>\n<\/div>\n<p class=\"small muted\">Last updated: June 2026.<\/p>\n<section class=\"avd-weiter\">\n<h2>Keep calculating and reading<\/h2>\n<p class=\"avd-weiter__rechner\"><strong><a href=\"https:\/\/altersvorsorgedepot-anbieter-vergleich.de\/en\/altersvorsorgedepot-calculator-extended\/\">Altersvorsorgedepot calculator Plus<\/a><\/strong> \u2014 calculate the subsidy, tax advantage and final balance for your own situation.<\/p>\n<ul class=\"avd-weiter__links\">\n<li><a href=\"https:\/\/altersvorsorgedepot-anbieter-vergleich.de\/en\/what-is\/special-expenses-deduction-in-the-altersvorsorgedepot-e1800-plus-allowance-entitlement\/\">special expenses deduction<\/a><\/li>\n<li><a href=\"https:\/\/altersvorsorgedepot-anbieter-vergleich.de\/en\/what-is\/life-annuity-in-the-altersvorsorgedepot-a-guaranteed-pension-for-life\/\">life annuity<\/a><\/li>\n<li><a href=\"https:\/\/altersvorsorgedepot-anbieter-vergleich.de\/en\/what-is\/drawdown-plan-to-age-85-the-flexible-alternative-to-a-life-annuity\/\">drawdown plan to age 85<\/a><\/li>\n<\/ul>\n<p class=\"avd-weiter__lexikon\">All terms at a glance: <a href=\"https:\/\/altersvorsorgedepot-anbieter-vergleich.de\/en\/what-is\/altersvorsorgedepot-glossary-all-terms-from-a-to-z\/\">Glossary from A to Z<\/a>.<\/p>\n<\/section>\n<section class=\"avd-sources\">\n<h2>Official sources and further information<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.bundesfinanzministerium.de\/Content\/DE\/FAQ\/reform-der-privaten-altersvorsorge.html\" rel=\"external nofollow\" target=\"_blank\">Federal Ministry of Finance, FAQ on the reform of private retirement provision<\/a><\/li>\n<li><a href=\"https:\/\/www.bundesregierung.de\/breg-de\/aktuelles\/reform-private-altersvorsorge-2400072\" rel=\"external nofollow\" target=\"_blank\">German federal government, private retirement provision reform<\/a><\/li>\n<li><a href=\"https:\/\/www.bundestag.de\/dokumente\/textarchiv\/2026\/kw13-de-altersvorsorge-1156798\" rel=\"external nofollow\" target=\"_blank\">German Bundestag, resolution on the Altersvorsorgedepot (calendar week 13\/2026)<\/a><\/li>\n<li><a href=\"https:\/\/dserver.bundestag.de\/btd\/21\/040\/2104088.pdf\" rel=\"external nofollow\" target=\"_blank\">Bundestag printed paper 21\/4088 (PDF)<\/a><\/li>\n<li><a href=\"https:\/\/www.deutsche-rentenversicherung.de\/DRV\/DE\/Ueber-uns-und-Presse\/Presse\/Meldungen\/2026\/260508-bundesrat-reform-private-altersvorsorge.html\" rel=\"external nofollow\" target=\"_blank\">Deutsche Rentenversicherung, reform announcement<\/a><\/li>\n<li><a href=\"https:\/\/www.test.de\/Altersvorsorgedepot-4910361-0\/\" rel=\"external nofollow\" target=\"_blank\">Stiftung Warentest, Altersvorsorgedepot<\/a><\/li>\n<li><a href=\"https:\/\/www.verbraucherzentrale.de\/wissen\/geld-versicherungen\/altersvorsorge\/neues-altersvorsorgedepot-rentenchance-oder-teure-verkaufsfalle-118178\" rel=\"external nofollow\" target=\"_blank\">Verbraucherzentrale, the new Altersvorsorgedepot: opportunity or sales trap?<\/a><\/li>\n<\/ul>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Deferred taxation in the Altersvorsorgedepot: pay in tax-free today, pay tax at a lower rate in retirement. All the details with an example.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_metasync_otto_title":"","_metasync_otto_description":"","_metasync_otto_keywords":"","_metasync_otto_og_title":"","_metasync_otto_og_description":"","_metasync_otto_twitter_title":"","_metasync_otto_twitter_description":"","rank_math_title":"","rank_math_description":"","_yoast_wpseo_title":"","_yoast_wpseo_metadesc":"","_aioseo_title":"","_aioseo_description":"","_metasync_seo_title":"","_metasync_seo_desc":"","_metasync_breadcrumb_title":"","_metasync_primary_category":0,"_metasync_primary_product_cat":0,"_metasync_otto_disabled":"","_metasync_hreflang":"","_metasync_plugin_sync_ts":"","_metasync_robots_advanced":"","footnotes":""},"categories":[68],"tags":[69,73,81,82,74],"class_list":["post-1779292568","post","type-post","status-publish","format-standard","hentry","category-what-is","tag-altersvorsorgedepot","tag-basic-allowance","tag-drawdown-plan-to-age-85","tag-life-annuity","tag-special-expenses-deduction"],"_links":{"self":[{"href":"https:\/\/altersvorsorgedepot-anbieter-vergleich.de\/en\/wp-json\/wp\/v2\/posts\/1779292568","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/altersvorsorgedepot-anbieter-vergleich.de\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/altersvorsorgedepot-anbieter-vergleich.de\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/altersvorsorgedepot-anbieter-vergleich.de\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/altersvorsorgedepot-anbieter-vergleich.de\/en\/wp-json\/wp\/v2\/comments?post=1779292568"}],"version-history":[{"count":0,"href":"https:\/\/altersvorsorgedepot-anbieter-vergleich.de\/en\/wp-json\/wp\/v2\/posts\/1779292568\/revisions"}],"wp:attachment":[{"href":"https:\/\/altersvorsorgedepot-anbieter-vergleich.de\/en\/wp-json\/wp\/v2\/media?parent=1779292568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/altersvorsorgedepot-anbieter-vergleich.de\/en\/wp-json\/wp\/v2\/categories?post=1779292568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/altersvorsorgedepot-anbieter-vergleich.de\/en\/wp-json\/wp\/v2\/tags?post=1779292568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}